modification http://www.wisebread.com/taxonomy/term/7460/all en-US Mortgage bailout redux: new incentives for modifying second mortgages in the Second Lien Program http://www.wisebread.com/mortgage-bailout-redux-new-incentives-for-modifying-second-mortgages-in-the-se-cond-lien-program <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/mortgage-bailout-redux-new-incentives-for-modifying-second-mortgages-in-the-se-cond-lien-program" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/home_0.gif" alt="" title="" class="imagecache imagecache-250w" width="250" height="69" /></a> </div> </div> </div> <p>The United States government launched the &quot;Hope for Homeowners&quot; program back in October, 2008, and so far <a href="http://finance.yahoo.com/news/Obama-administration-expands-apf-15056198.htm">only one loan has received final approval to refinance under this program</a>.&nbsp; This week the Obama administration took another step to expand incentives to banks and borrowers to modify mortgages.&nbsp; This time, the plan targets second mortgages and it is called the Second Lien Program.</p> <p>Second mortgages were extremely popular in the past few years because they allowed a borrower to essentially borrow 100% of the purchase price of a home and avoid a Private Mortgage Insurance payment.&nbsp; Typically, the insurance is required on homes with loans that were bigger than 80% of the value of the home. In order to get around this requirement, many borrowers signed up for a first loan at 80% of the value of the home, and a second loan at 20% of the value of the home. Currently more than half of troubled first mortgages are tied to a second mortgage<br /> .</p> <p>Now that home prices have gone down by more than 30% in most of the nation, many homeowners with second mortgages may have problems refinancing their first mortgage because they need permission from the lender of the second mortgage.&nbsp; Now the Obama administration is offering cash to lenders to modify these mortgages and also money to borrowers to pay on time.&nbsp; Here are some of the highlights of this new development.</p> <ul> <li>&nbsp;The second mortgage servicer gets $500 for modifying a second mortgage and $250 a year performance bonus for three years as long as the borrower continues to pay the mortgage on time.</li> <li>&nbsp;Borrowers can receive $250 per year for up to five years as long as they are current on the second mortgage.&nbsp; This will be used to pay down principal on their first mortgage.</li> <li>&nbsp;Non-interest only second mortgages will have interest rates reduced to 1% for five years.</li> <li>&nbsp;Interest only second mortgages will have interest rates reduced to 2% for five years.</li> <li>If lenders cancel or extinguish a second mortgage, they can get a payout possibly worth more than the second mortgage from the government based on a pre-set formula.</li> <li>&nbsp;Modification of the first mortgage automatically triggers a modification of the second mortgage if they are held by participating servicers.</li> <li>Modification of the second mortgage should not delay the modification of a first mortgage.</li> <li>&nbsp;The Hope for Homeowners program is now part of the <a href="http://www.wisebread.com/details-of-obamas-mortgage-plan-released-will-you-benefit">Making Home Affordable Program</a>, which means that the same incentives discussed a couple&nbsp; months ago will apply to the older program.</li> </ul> <p>Once again, I think this an expensive and temporary bandaid on a huge wound.&nbsp; This could definitely give some borrowers some breathing room, but it would last only five years, and these borrowers would essentially lose all the money they pay because their home is no longer worth as much as before. The second mortgage is a financial vehicle that enabled the instant gratification mentality because it is crucial in many 100% financed homes.&nbsp; It seems that spending billions to sustain these mortgages is even more irresponsible than the bailouts of the past.<br /> <em><br /> What do you think of this new program?&nbsp; Will you get your second mortgage modified?</em><br /> &nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/xin-lu">Xin Lu</a> of <a href="http://www.wisebread.com/mortgage-bailout-redux-new-incentives-for-modifying-second-mortgages-in-the-se-cond-lien-program">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-3"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/should-we-all-just-stop-paying-the-mortgage">Should We All Just Stop Paying the Mortgage?</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-check-if-your-mortgage-statement-is-correct">How to check if your mortgage statement is correct</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/citimortage-told-me-to-default-on-my-loan-if-i-want-their-help">CitiMortgage Told Me to Default on My Loan</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/details-of-obamas-mortgage-plan-released-will-you-benefit">Details of Obama&#039;s mortgage plan released - Will you benefit?</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/could-you-profit-from-obama-and-geithners-toxic-assets-plan">Could you profit from Obama and Geithner&#039;s toxic assets plan?</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Personal Finance Real Estate and Housing bailout modification mortgage Thu, 30 Apr 2009 00:48:55 +0000 Xin Lu 3104 at http://www.wisebread.com How To Turn a 2-liter Bottle Of Water Into a 50-Watt Lightbulb http://www.wisebread.com/how-to-turn-a-2-liter-bottle-of-water-into-a-50-watt-lightbulb <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/how-to-turn-a-2-liter-bottle-of-water-into-a-50-watt-lightbulb" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/how-to-make-your-own-drip-irrigation-system-in-your-garden0.jpg" alt="Bright Idea" title="Bright Idea" class="imagecache imagecache-250w" width="250" height="250" /></a> </div> </div> </div> <p>It's not often that I'm taken aback by the simplicity and power of an invention, but this one does it for me. It's cheap, anyone can make one and it literally changes lives. Welcome to the water-bottle lightbulb.</p> <p>The inventor's name is Alfredo Moser, and his idea is spreading like wildfire through his neighborhood in Brazil. Like all really great ideas, it was born out of necessity. During a 2002 energy blackout in Brazil,&nbsp; Alfredo's workshop was plunged into darkness. And so, using a simple 2-liter bottle of water, two capfulls of bleach and an old 35 mm film canister, <a href="http://www.youtube.com/watch?v=_zMAWztZ6TI">he created this lightbulb.</a></p> <p><iframe width="560" height="315" src="https://www.youtube.com/embed/7hLOfDC39T0" frameborder="0" allowfullscreen=""></iframe></p> <p>By cutting holes in his workshop roof, the new water-bottle lightbulbs could shine the sun's rays directly into his dark workplace, bathing it in light that enabled him to work again. And friends and neighbors have been using his invention to light their homes without having to pay for electricity. Obviously, this isn't a solution for your average home in America, but it could easily work in your garden shed or another type of workshop. And I'm sure there are a few enivronmentalists looking at this very closely right now, including the creator of <a href="http://www.earthship.net/">Earthships</a>.</p> <p><object height="344" width="425"> <param value="http://www.youtube.com/v/L9jdIm7grCY&amp;hl=en&amp;fs=1" name="movie" /> <param value="true" name="allowFullScreen" /> <param value="always" name="allowscriptaccess" /><embed height="344" width="425" allowfullscreen="true" allowscriptaccess="always" type="application/x-shockwave-flash" src="http://www.youtube.com/v/L9jdIm7grCY&amp;hl=en&amp;fs=1"></embed></object></p> <p>A few naysayers out there have already started picking apart the invention, with the main (and obvious) drawback being that it doesn't work without sun. Well, that's true. But this is designed to light up dark rooms during the daytime without spending one cent on electricity. And in the places where this invention is most useful, money is not exactly in abundance. It's a great idea and I, for one, salute Alfredo for a marvelous invention. Much like <a href="http://windupradio.com/trevor.htm">Trevor Bayliss's wind-up radio</a>, I can see this having a huge impact, especiallly in third world countries.</p> <p>&nbsp;</p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/how-to-turn-a-2-liter-bottle-of-water-into-a-50-watt-lightbulb">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/super-cheap-building-supplies-and-a-way-to-help-your-community">Super-Cheap Building Supplies and a Way to Help Your Community!</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/these-diy-magazines-can-help-you-be-self-reliant">These DIY Magazines Can Help You Be Self-Reliant</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/chill-out-with-these-6-simple-diy-freezer-treats">Chill Out With These 6 Simple DIY Freezer Treats</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/8-diys-for-a-sparkling-clean-bathroom">8 DIYs For a Sparkling Clean Bathroom</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/getting-by-without-a-job-part-4-get-free-stuff">Getting by without a job, part 4--get free stuff</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> DIY Green Living Bill budget DIY electricity modification save Mon, 06 Apr 2009 17:47:31 +0000 Paul Michael 3011 at http://www.wisebread.com My favorite electronic gadget hacks. http://www.wisebread.com/my-favorite-electronic-gadget-hacks <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/my-favorite-electronic-gadget-hacks" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/259143656_2bf5f2962c.jpg" alt="Dr. Frankenstein" title="Dr. Frankenstein" class="imagecache imagecache-250w" width="250" height="166" /></a> </div> </div> </div> <p>As many of you may have guessed, I&#39;m a Metacafe junkie. I love that place. It&#39;s a great resource for those &quot;how to&quot; videos that make life easier, cheaper and quite often, more fun. I thought I&#39;d share some of my favorite gadget hacks from the past few months. I&#39;ve used them all, they all work 100% and they&#39;re quick and easy. No real skills required.</p> <p><strong>1: Make your own professional Noise Cancelling headphones for $20.</strong><br />I work in a cubicle farm. Not that I mind, most of the time it&#39;s got a good vibe. But when I want to get down to some serious writing, I need to do it with no distractions. My boss got me a pair of $200 noise cancelling headphones. They&#39;re ok, but not great. So I searched the web for a recipe to find a DIY pair, and Metacafe had the solution - all for less than $20. Best of all, they work much better than the expensive pair.<embed flashVars="altServerURL=http://www.metacafe.com&amp;playerVars=videoTitle=Headphone Hack! Make You Own Noise Eliminating Headset!|showStats=no|autoPlay=no|blogName=wisebread|blogURL=http://www.wisebread.com" src="http://www.metacafe.com/fplayer/548578/headphone_hack_make_you_own_noise_eliminating_headset.swf" width="425" height="350" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed></p> <p> <p><strong>2: The homemade USB cell phone charger.</strong><br />Once again, my office was the reason for my internet search. I was tired of bringing the charger to and from work, often I would leave it at my desk and be left without it at the weekend. I had a spare charger but it was on the fritz. Then I wondered if I could use it to make a USB charger. I was right and it was Kipkay (the man who made all of these videos) who came to the rescue. This is a very cool way to charge a phone and I get comments on it all the time<embed flashVars="altServerURL=http://www.metacafe.com&amp;playerVars=videoTitle=USB Cell Phone Hack! Charge It With... |showStats=no|autoPlay=no|blogName=wisebread|blogURL=http://www.wisebread.com" src="http://www.metacafe.com/fplayer/621701/usb_cell_phone_hack_charge_it_with.swf" width="425" height="350" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed> </p> <p> <p><strong>3: Boost your car remote key by 50 feet.</strong><br />They say necessity is the mother of invention. Well, my mind is sometimes a little forgetful and I work far enough from the car park to see my car but not lock/unlock it without walking out of the building. And this became a pain if I hadn&#39;t remembered to lock the car. Metacafe gave me a simple way to boost my car remote range by around 50 feet. Now I can lock it from my desk. Sweet.<embed flashVars="altServerURL=http://www.metacafe.com&amp;playerVars=videoTitle=Boost Your Car Remote Range!|showStats=no|autoPlay=no|blogName=wisebread|blogURL=http://www.wisebread.com" src="http://www.metacafe.com/fplayer/358044/boost_your_car_remote_range.swf" width="425" height="350" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed></p> <p> <p><strong>4: An underwater video camera housing for $10.</strong><br />Just like Kipkay, the producer of this gem, I needed to do some underwater filming but didn&#39;t want to fork out the big cash for the equipment. My setup cost a little more than $10, coming in closer to $15, but it&#39;s still a steal for great underwater shots. A sweet idea. <embed flashVars="altServerURL=http://www.metacafe.com&amp;playerVars=videoTitle=Underwater Camcorder Mod! $10!|showStats=no|autoPlay=no|blogName=wisebread|blogURL=http://www.wisebread.com" src="http://www.metacafe.com/fplayer/648138/underwater_camcorder_mod_10.swf" width="425" height="350" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed></p> <p> <p><strong>5:Get your PC to boot up much faster.</strong><br />I really hate sitting in the chair watching my home computer take it&#39;s time to load everything before I can access my mail. I wanted a fast, easy way to make my PC start up at super speed, just like the day we first bought it. Here, Kipkay takes you through a simple step that stops a bunch of programs from slowing you down. An effective tip.<embed flashVars="altServerURL=http://www.metacafe.com&amp;playerVars=videoTitle=Quick PC Startup!|showStats=no|autoPlay=no|blogName=wisebread|blogURL=http://www.wisebread.com" src="http://www.metacafe.com/fplayer/312936/quick_pc_startup.swf" width="425" height="350" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed></p> <p> <p>There you have it. On a personal note I&#39;d like to thank Kipkay, wherever you are, for your cool videos. They have really helped me out, they&#39;re concise and well made, and they&#39;re the reason you&#39;re one of the top earners on Metacafe. Nice one. </p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/paul-michael">Paul Michael</a> of <a href="http://www.wisebread.com/my-favorite-electronic-gadget-hacks">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-2"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/get-your-pc-to-give-you-coffee-bacon-or-even-an-orgasm">Get your PC to give you coffee, bacon or even an orgasm.</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/the-magic-marker-money-safe">The Magic Marker Money Safe</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/tattoo-removal-on-the-cheap-just-use-a-black-decker-sander">Tattoo removal on the cheap...just use a Black &amp; Decker Sander.</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-things-you-can-do-with-a-credit-card-besides-buy-stuff">15 Things You Can Do With a Credit Card Besides Buy Stuff</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-smart-new-uses-for-hair-clips">15 Smart New Uses for Hair Clips</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Life Hacks cheap DIY easy gadgets Kipkay Metacafe modification quick Wed, 08 Aug 2007 03:55:28 +0000 Paul Michael 966 at http://www.wisebread.com